The gold prices used in this table and chart are supplied by BullionDesk. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible).

Mid price: USD/Oz

The gold prices used in this table and chart are supplied by BullionDesk. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible).

World Gold Council and MMTC-PAMP launch India’s first ‘Precious Metals Assay and Training Institute’

The World Gold Council and MMTC-PAMP India Pvt. Ltd. have jointly launched the ‘Precious Metals Assay and Training Institute’ (PMATI) to develop a new generation of skilled assayers. The initiative is a world class training facility that will establish assaying as a certified qualification and career in India, and will directly enhance the integrity of gold and the standardisation of best practices in the precious metals industry.

A qualified assayer is a person who is proficiently trained in verifying the purity of gold in ornaments, coins and bars and must adhere to high standards of professional conduct. The process of assaying is vigorous, highly technical, and needs ample knowledge. This is one of the most sought-after skills in the gold industry. At present, the industry norm is to ‘learn on the job’ within an unorganised market. This means that most assayers are trained in a non-standardised manner, which is a matter of great concern for the industry. As a result, the leading industry bodies have come together to form the not-for-profit Institute, which will bring one of the most important capabilities to the Indian gold industry.

Commenting on the launch of PMATI, Aram Shishmanian, Chief Executive Officer, World Gold Council said, “As leaders of the industry, we have the responsibility to ensure gold’s integrity and reputation; the institution will give consumers and investors confidence in the product they buy, and create a cadre of talented and qualified assayers, who will pave the way to eliminating under-caratage in gold. PMATI will play a key role in improving trust and transparency in the Indian gold market.”

Commenting on the launch of PMATI, Arjun Raychaudhuri, Managing Director of MMTC-PAMP said, “Making world class products in a world class way is our core philosophy at MMTC-PAMP. India is witnessing significant innovation in how consumers engage with gold. It is imperative that customers receive the highest purity and complete traceability of the metal. We are committed as an institution to build infrastructure that allows every customer assurance of both quality and source of the metal. The Precious Metals Assay Institute is a step in this direction and is supported by all major industry bodies.”

India’s first and only assay training institute, located at the Indian Institute of Gems and Jewellery (IIGJ) in Mumbai, was inaugurated by Shri C.B. Singh, Additional Director General, Bureau of Indian Standards.

PMATI is supported by all of the leading trade associations in India including the India Bullion Jewellers Association (IBJA), Gem and Jewellery Promotion Export Council (GJEPC), Bullion Federation of India (BFI), All India Gem and Jewellery Council (GJC), Indian Association of Hallmarking Centres (IAHC) and Association of Gold Refineries and Mints (AGRM). The first intake for the certification course begins in December 2018.

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World Gold Council

The World Gold Council is the market development organisation for the gold industry. Our purpose is to be the global authority on the gold market, provide industry leadership, and stimulate and sustain demand for gold.

We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.

The membership of the World Gold Council includes the world’s leading and most forward thinking gold mining companies.